2010 agm final - woolworths group · microsoft powerpoint - 2010 agm_final.ppt author: ncbnl...
TRANSCRIPT
![Page 1: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/1.jpg)
![Page 2: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/2.jpg)
James StrongChairman
![Page 3: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/3.jpg)
![Page 4: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/4.jpg)
Chairman's Address
![Page 5: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/5.jpg)
164.0↑8.8%
90.9↑14.8%
108.8↑19.7%
134.9↑24.0%
150.7↑11.7%
Earnings per share – up 8.8%
06 07 08 09 10
CentsCents
Reflects strengthening of
our balance sheet during a period
of major acquisitions,
integration and business change
![Page 6: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/6.jpg)
Dividends per share: 2010
115↑10.6%
59↑15.7%
74↑25.4%
92↑24.3%
104↑13.0%
CentsCents06 07 08 09 10
Fully franked dividend
pay-out ratio of 70.4% is slightly up on last year
Final62¢
Interim53¢
![Page 7: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/7.jpg)
![Page 8: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/8.jpg)
Michael LuscombeManaging Director &Chief Executive Officer
![Page 9: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/9.jpg)
Lower prices
Consumers continue to trust Woolworths to deliver the best value for their
shopping dollar
![Page 10: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/10.jpg)
Everyday Rewards
5.1 million registered members
2.7 million customers
linked
![Page 11: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/11.jpg)
Financial Results
![Page 12: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/12.jpg)
Sales of $51.7b – up 4.2%- excluding Petrol – up 4.8%
$m FY09 FY10StatutoryIncrease
Full Year Comp Sales
Australian Food and Liquor1 32,978 34,675 5.1% 3.3%New Zealand Supermarkets (NZD) 4,957 5,185 4.6% 4.0%New Zealand Supermarkets 4,034 4,131 2.4%Petrol (dollars) 5,482 5,481 (0.0)% (1.7)%Petrol (litres) 4,673 4,792 2.5% 0.7%Supermarkets Division 42,494 44,287 4.2%BIG W 4,267 4,193 (1.7)% (3.2)%Consumer Electronics - Aust / NZ 1,537 1,530 (0.5)% (0.9)%Consumer Electronics - India 187 252 34.8%Consumer Electronics - Total 1,724 1,782 3.4%General Merchandise - Total 5,991 5,975 (0.3)%Hotels 1,110 1,102 (0.7)% (3.0)%Home Improvement - 330 N/MFull Year Sales 49,595 51,694 4.2%Full Year Sales excl Petrol 44,113 46,213 4.8%
1. Includes Wholesale division previously reported separately
![Page 13: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/13.jpg)
20.73%
19.95%
PercentagePercentage
05 10
Over $400m
reductionOur targeted CODB reduction
of 20 basis points was
achieved when the distorting
impact of Petrol, Hotels and other significant items
are excluded
21 bpsreduction
CODB / Sales
Excludes Petrol and Hotels and in 2009 the release of a provision
09 1009 10
19.98%
20.89%
19.95%
20.68%
![Page 14: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/14.jpg)
Gross Profit Margin (excluding Hotels)
24.68%
24.34%
23.92%23.89%23.70%
25.91%25.66%
25.32% 25.30%
25.03%
PercentagePercentage
06 07 08 09 10
As expected Gross Profit Margin has
improved reflecting improved buying,
reduced shrinkage, the success of our
exclusive brand offering, the change in sales mix and offset by
significant price reinvestment activity
GP Margin ex Hotels
Total GP Margin
![Page 15: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/15.jpg)
↑12.9%↑17.4%↑15.1%
↑17.5%↑19.8%
↑24.2%
↑17.8%
3,082.4↑9.5%2,815.5
↑13.4%2,815.5↑11.3%
2,483.1↑17.6%
2,528.8↑19.8%
2,111.3↑22.6%
1,722.2↑32.3%
10
EBIT – up 9.5%
EBIT growth underpinned
by strong growth in Australian Food and
Liquor
$ million$ million
06Australian Food and
Liquor EBIT
Total Group EBIT
07 08 Stat
081
09 Stat
091
1. Reflects growth normalised to remove the impact of the 53rd week in FY08
![Page 16: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/16.jpg)
Profit after tax – up 10.1%
$ million$ million
1. Includes Progressive (NZ) business and 20 Australian ex-FAL store results from 2 November 2005, BMG from 1 July 2005, Taverner Hotel Group from 6 February 2006, and ALH and MGW results for the 52 weeks
2. Includes Progressive and Taverner Hotel businesses for the full 52 weeks3. Reflects growth normalised to remove the impact of the 53rd week in FY08
1,835.7↑14.9%
1,835.7↑12.8%
1,598.0↑23.5%
1,626.8↑25.7%
1,294.02
↑27.5%
1,014.61
↑24.3%
2,020.8↑10.1%
1006 07 08 Stat
083
09 Stat
093
![Page 17: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/17.jpg)
Shareholder Payouts
$ million$ million
346407 463
538693
894
1,121
1,2801425
141
325
941
604
1,749
534
1002 03 04 05 06 07 08 09
Profit growth, coupled with balance sheet management,
will have delivered $8,166 million payout
to shareholders over last 9 years
1. Excludes off-market share buy-back of $700 million
Franking credits available for distribution (after the final dividend) = $1,327m
Buy-BackDividend
![Page 18: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/18.jpg)
0
200
400
600
800
Jun-
00
Dec
-00
Jun-
01
Dec
-01
Jun-
02
Dec
-02
Jun-
03
Dec
-03
Jun-
04
Dec
-04
Jun-
05
Dec
-05
Jun-
06
Dec
-06
Jun-
07
Dec
-07
Jun-
08
Dec
-08
Jun-
09
Dec
-09
Jun-
10
TSR CAGR Jun 2000 – Jun 2010TSR CAGR Jun 2000 – Jun 2010
Share Price Performance
Source: Bloomberg Note: Woolworths TSR assumes net dividends are reinvested in Woolworths shares at ex-dividend date at that days closing price; All Ords TSR based on Bloomberg compiled Accumulation index, which takes dividends into consideration
WOW 19.7%
All Ords 6.9%
![Page 19: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/19.jpg)
First Quarter Sales of $13.9 billion
1. Includes Wholesale division previously reported separately
$m
FY09Statutory
(14 weeks)
FY10 Statutory
(14 weeks) Increase Comp SalesAustralian Food and Liquor1 9,001 9,292 3.2% 2.0%New Zealand Supermarkets (NZD) 1,316 1,378 4.7% 4.5%New Zealand Supermarkets (AUD) 1,065 1,095 2.8%Petrol (dollars) 1,440 1,488 3.3% 0.9%Petrol (litres) 1,279 1,297 1.4% (0.9%)Supermarkets Division 11,506 11,875 3.2%BIG W 1,096 1,066 (2.7%) (3.9%)Consumer Electronics - Aust / NZ 399 400 0.3% 2.0%Consumer Electronics - India 63 81 28.6%Consumer Electronics - Total 462 481 4.1%General Merchandise - Total 1,558 1,547 (0.7%)Hotels 303 311 2.6% 1.8%Home Improvement - 177 -Total First Quarter Sales 13,367 13,910 4.1%Total First Quarter Sales (excluding Petrol) 11,927 12,422 4.2%
Up 4.2% excluding Petrol sales, up 4.1% including Petrol sales
![Page 20: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/20.jpg)
FY11 Guidance
Net Profit After Tax is expected to grow in the
range of 8% to 11%
![Page 21: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/21.jpg)
Quantum Project
• Quantum will deliver reduced costs and improve efficiencies across all Woolworths businesses over the next 5 years
• This project will focus on all aspects of our business including– End to End supply chain — move to the next level– Procurement (not for resale) — lowering our costs– Operational work practices — improving efficiency and lowering costs– Global direct sourcing — enhancing capability and lowering costs– Support structures — significantly improving efficiency
• Several key initiatives have commenced• The Quantum project follows in the tradition of Project Refresh• Benefits emerging in both Gross Margin and CODB over next 5 years, which
will be shared between customers and shareholders
![Page 22: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/22.jpg)
Leadership in corporate responsibility
![Page 23: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/23.jpg)
Invested into supporting our communities
$36.3million
Leadership in corporate responsibility
Green stores up and running
53
Lost time injury frequency rate for the full year reduced by
34%
![Page 24: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/24.jpg)
2015 new store format
![Page 25: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/25.jpg)
Online
![Page 26: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/26.jpg)
Home improvement
COMING SOON
![Page 27: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/27.jpg)
Home improvement
![Page 28: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/28.jpg)
![Page 29: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/29.jpg)
Inserting your smartcard
The smartcard should have been inserted into your handset when you registered for the AGM
If the smartcard is not inserted into your handset please do so now
Make sure the arrows at the bottom of the smartcard are insertedand facing you
![Page 30: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/30.jpg)
Inserting your smartcard
If the smartcard is not inserted into your handset please do so now
Make sure the arrows at the bottom of the smartcard are inserted and facing you
![Page 31: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/31.jpg)
Insert the smartcard up to the red line. A welcome message will appear when the card is inserted correctly
Inserting your smartcard
![Page 32: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/32.jpg)
When the poll opens, the handset will display the voting options being
1 to vote FOR the resolution2 to vote AGAINST the resolution3 to ABSTAIN or WITHHOLD your vote
Press the appropriate button on the handset to register your intentions
Casting your vote
![Page 33: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/33.jpg)
Your voting instruction will appear on the handset
“Received” will appear on your handset to indicate your vote has counted
If you wish to change your mind, simply enter your new choice
Casting your vote
![Page 34: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/34.jpg)
If you accidentally dislodge the smartcard a warning will appear on your screen and you may need to push the smartcard back into the handset
Casting your vote
![Page 35: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/35.jpg)
When the poll opens, the handset will display the voting options being
1 to vote FOR the resolution2 to vote AGAINST the resolution3 to ABSTAIN or WITHHOLD your vote
This will vote your open votes only, directed votes will go through automatically when you select one of the 3 options
Press the blue button if your votes were split at registration
Casting your vote
![Page 36: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/36.jpg)
When the poll opens, the handset will display the voting options being
1 to vote FOR the resolution2 to vote AGAINST the resolution3 to ABSTAIN or WITHHOLD your vote
Press the appropriate button on the handset to register your intentions
Casting your vote
![Page 37: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/37.jpg)
After the AGM
Please leave the handset and smartcard on your seat or hand them to a member of staff as you leave the room
The handset has a built in alarm that will sound if you inadvertently leave the building without returning the handset and smartcard
![Page 38: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/38.jpg)
Ask for assistance
If you have any questions or issues in using the handset please raise your hand and one of the attendants in the auditorium will be able to assist you
Thank you for your attention
![Page 39: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/39.jpg)
![Page 40: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/40.jpg)
1. Financial Statements and Reports
![Page 41: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/41.jpg)
2. Remuneration Report
![Page 42: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/42.jpg)
3. Election of Directors
![Page 43: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/43.jpg)
Carla (Jayne) Hrdlicka
![Page 44: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/44.jpg)
Stephen Mayne
![Page 45: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/45.jpg)
Ian Macfarlane AC
![Page 46: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/46.jpg)
4. Woolworths Long-Term Incentive Plan
![Page 47: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/47.jpg)
5. Alterations to the Constitution
![Page 48: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/48.jpg)
6. Fees Payable to Non-Executive Directors
![Page 49: 2010 AGM FINAL - Woolworths Group · Microsoft PowerPoint - 2010 AGM_FINAL.ppt Author: ncbnl Created Date: 11/16/2010 2:44:42 PM](https://reader036.vdocuments.us/reader036/viewer/2022071016/5fcfc1c18163a04da128fa7d/html5/thumbnails/49.jpg)